Hyundai Motor sees won's strength persisting in second half


SEOUL (Reuters) – South Korean automaker Hyundai Motor said it expects the local currency to remain strong against the dollar in the second half of this year after reporting its second-quarter earnings were hit by the won’s rise versus the dollar.

“We do not have a positive outlook for the exchange rate in the second half,” Chief Financial Officer Lee Won-hee said in a conference call on Thursday after the company released its results.

Hyundai Motor, the world’s fifth-biggest automaker combined with affiliate Kia Motors, said its second-quarter net profit fell 6.5 percent, hurt by the local currency’s sharp gain versus the dollar and higher U.S. sales discounts.

(Reporting by Hyunjoo Jin; Editing by Kenneth Maxwell)

DrivePulse is your source for new car reviews, research, ratings, used car research and the latest industry automotive news. Connect and follow us today!

Comments are closed.